Mobile terminals have become ubiquitous. One of the reasons for their popularity is their compact size. Another reason is their ability to run software applications that permit users to perform a variety of enhanced functions, beyond those relating to traditional telephony, while in a mobile environment. Unfortunately, the terminal's small size translates into a limited memory capability for storing applications and associated data, and thus, ultimately imposes limitations on the terminal's functionality. Another problem faced by users of mobile terminals equipped with software applications that provide enhanced functionality is having to ensure that they have the latest or most suitable versions of the applications stored on their terminals by manually updating or reconfiguring the applications. What is needed is a mechanism for efficiently managing software applications used by these mobile terminals and, more particularly, for efficiently managing a mobile terminal's memory space where applications are stored.